A person who recently attended a Financial Learning Experience e-mailed me the following question:
I had the privilege of hearing you speak both during the message and the class that followed. Mywife and I are committed to eliminating our debt. With that in mind, I have a question. I have three credit cards one for 6,000.00, one for 1956.00 and onefor 5775.00 I am paying high interest rates 27.98, 24.00 and 20.4% respectively.
I tried to reduce my rates, but they were unwilling and the reality is that I don’t get [0%] offers in the mail anymore.
I responded with the following question: Have you applied for one of the cards on my “Next Steps” site [HERE]?
His response FIRED ME UP!
Here is his response …
I just applied for the discover card and I put two of the cards to be transferred totaling 11,500.00 and I was accepted! After talking to Bank of America earlier today I felt as if I were a heathen slug that had delinquent deadbeat written on my forehead and the reality was that I had always paid them!
Thank you … you will get my phone call with a loud yahoo! You have an awesome ministry keep up the good work.
So let’s look at the math. $6,000 was moved from 27.98% and $5,500 was moved from 20.4%. That one move saved $205/month in INTEREST!!! That is over $2,400 per year in INTEREST that was eliminated.
If you are paying interest on a credit card, why?